The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri. T Yugandhar, the Personal Guarantor of M/s. Chadalavada Infratech Ltd. The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 157.27 Crores under a guarantee agreement dated 24.05.2014. The credit limits were later enhanced/modified, with the Personal Guarantor executing supplemental deeds of guarantee and joining a restructuring
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with Mr. T. Yugandhar acting as the personal guarantor. A guarantee agreement was executed on 24.05.2014 for Rs. 157.27 Crores. The credit limits were subsequently enhanced and modified, leading to supplemental guarantee deeds. As of 15.04.2011, the outstanding debt was Rs. 167,56,23,293.24, escalating to a total default of Rs. 250,90,45,531.03. Due to the default, SBI initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Ltd, which was admitted on 23.09.2021. SBI then issued a demand notice to Mr. T.
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The State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Shri. T Yugandhar, the Personal Guarantor of M/s. Chadalavada Infratech Ltd. The Petitioner Bank had granted various credit facilities to the Corporate Debtor, for which the Personal Guarantor stood as a guarantor for Rs. 157.27 Crores under a guarantee agreement dated 24.05.2014. The credit limits were later enhanced/modified, with the Personal Guarantor executing supplemental deeds of guarantee and joining a restructuring
…State Bank of India (SBI) extended credit facilities to Chadalavada Infratech Ltd, with Mr. T. Yugandhar acting as the personal guarantor. A guarantee agreement was executed on 24.05.2014 for Rs. 157.27 Crores. The credit limits were subsequently enhanced and modified, leading to supplemental guarantee deeds. As of 15.04.2011, the outstanding debt was Rs. 167,56,23,293.24, escalating to a total default of Rs. 250,90,45,531.03. Due to the default, SBI initiated actions under the SARFAESI Act, 2002, and filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. SBI also initiated Corporate Insolvency Resolution Process (CIRP) against Chadalavada Infratech Ltd, which was admitted on 23.09.2021. SBI then issued a demand notice to Mr. T.
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Supplemental…